S&P 500 E-Mini Upside Risks Intact

A Monday bear gap lower for the S&P 500 E-mini, but then a rebound from above 2972.0 support (from new 2981.5) to close the opening resistance gap, to hold onto upside forces from the mid-September surge through 3000.0 and 3014.25 barriers, and whilst above 2981.25 to keep risks higher for Tuesday.The late August push above 2978.5 set an intermediate-term bull theme.

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For Today:

We see an upside bias for 3004.75; break here aims for 3023.75, then the record high at 3029.5, maybe and then towards 3038.5.

But below 2981.25 opens risk down 2972.0, maybe 2957.25.

Intermediate-term Outlook - Upside Risks: We see an upside risk for 3000.

Higher targets would be 3029.5 and 3050.0.

What Changes This? Below 2851.75 shifts the intermediate-term outlook back to neutral; through 2810.25 is needed for an intermediate-term bear theme.

4 Hour S&P 500 E-Mini Future Chart